If you have operated a business for the past few years, you are probably aware that the Australian Taxation Office (ATO) were a little more willing than normal to extend payment deadlines and work with businesses to ensure the prevailing economic conditions didn’t put them in dire financial straits.
More recently, however, the ATO has taken a much firmer stance and increased legal action against businesses with tax debt – leading to a considerable uptick in businesses requiring assistance with negotiating payment arrangements and regaining compliance. Further, the ATO appears to be serving up legal action to business owners more and more without the courtesy of a warning letter.
First and foremost, reach out to us. We can help you review your tax debt position, and can assist you in opening up a dialogue with the ATO. From there, options can include affordable payment arrangements with the ATO that fit your cash flow. Also, some businesses are able to reduce their total debt by negotiating with the ATO, in some cases seeing interest and penalty charges waived. This is by no means possible for every business, but if you are open and honest, keep the ATO informed, and partner with us, your chances of this positive outcome increases.
The end goal for discussions between yourself, your accountant and the ATO, is to get your business compliant again, alleviate the stress of tax debt, and ultimately protect you from further legal and enforcement action.
Contact the experts at JJD Accountants for help reviewing your tax debt position.
Phone
(07) 3870 3840
Address
The complexity of today's financial environment demands a regular review of strategy and a focus on execution. We guarantee to help you make sense of financial complexity and apply the insights to meet your goals and help you execute to achieve them.
The complexity of today's financial environment demands a regular review of strategy and a focus on execution. We guarantee to help you make sense of financial complexity and apply the insights to meet your goals and help you execute to achieve them.